Maybe it could have been avoided?
I read the following on the web this morning from the Newsroom at Chain Store Guide and also heard it on the news. Bed Bath & Beyond has announced that they will be winding down operations amidst a bankruptcy filing and closing all locations. The company has been struggling for several years and it seemed to be only a matter of time before this decision was reached. The company will not be closing all of their locations immediately and there is no word on when or in what manner they will begin the closings.
This continues to upset me, as I mentioned in a recent post titled How can you save money very quickly in the current economic environment? I do not want to cast aspersions on any management team. However, I do personally believe that not enough effort goes into securing products and services at the best cost. In fact, I think it is largely avoided in favor of new formats, marketing and continuity programs that have been tried many times before. When they don’t work during new managements honeymoon period, then it’s a huge cut to associate headcount and lumping of more work on those who remain.
Retail is a challenging business. The move to online purchasing has had a huge impact on many segments of the industry and while it has created a lot of related jobs in some areas, it has also created myriad problems in others. Real Estate Holding companies that have housed these companies are having to rethink everything they do and for whom.
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